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The price of bitcoin bitcoin“>abandonment slightly over the past 24 hours to trade at $49,619.95 at 1:55 a.m. EST as investors benefit from the market leader's rally.
Michael Saylor says btc demand exceeds its supply
Michael Saylor, the optimistic founder and CEO of Microstrategy, said in an interview with CNBC that the recent listing of bitcoin ETFs (exchange-traded funds) is driving up the price of the cryptocurrency. He added that there is currently a massive imbalance in btc supply and almost a decade of pent-up demand for a retail-accessible btc product.
“There is ten times more demand for bitcoins in these ETFs than there is supply coming from the natural sellers who are the miners,” Saylor said during the interview with CNBC.
bitcoin price breaks out of a bullish channel
Daily chart for btc/USDT (Source: TradingView)
He bitcoin The price broke out of a medium-term bullish price channel in the last 24 hours. If it closes today's daily candle below the lower boundary of this range, btc may retest the $47,930 support level in the coming days. A drop below this key mark will open the risk of bitcoin price falling to the next support level at $44,430. In an extremely bearish scenario, the crypto market leader could fall as low as $42,450.
This bearish thesis may be invalidated if the price of bitcoin closes a daily candle above $50,000 in the next 48 hours. So, btc could have the foundation needed to reach the next major resistance level at 52,115 in the near term.
Sellers May Lower bitcoin Price Further
Technical indicators on the btc daily chart remain bullish. However, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest that btc's bullish momentum is cooling.
The MACD line is positioned above the MACD signal line, indicating that btc is currently in a short-term bullish cycle. However, the slope of the MACD histogram is negative. Risk-averse traders may see this as an early sign that the btc trend will undergo a bearish reversal.
Buyers also seem to have an advantage over sellers, as the RSI line is positioned above its simple moving average (SMA) line. This may not be the case as long as the RSI line also falls towards the SMA line. A crossover between these two technical indicators in the coming days will trigger a major bearish technical flag. It will also be easier for bears to drive down the price of bitcoin than for bulls to push it up in the days following this potential intersection.
While bitcoin's price direction is uncertain in the next 48 hours, bitcoin Minetrix is breaking barriers with its pre-sale by surpassing the $10.8 million mark.
Decentralizing btc cloud mining
welcome to #BitcoinMinetrix: Your entry to simplification bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin mining!
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bitcoin Minetrix is on a mission to make cloud bitcoin mining cheaper and safer. Through decentralization, the project reduces the barrier to entry for anyone who wants to get into mining. The platform's innovative staking-to-mine model also makes it much easier to start earning btc through cloud mining.
All new participants will need to do to take advantage of the passive income stream offered with bitcoin Minetrix is to purchase the project's native token BTCMTX on its official website. Once purchased, the tokens will need to be staked in exchange for “gas” reward tokens. The last step is to burn these gas rewards to claim a share of bitcoin Minetrix's cloud mining power.
The next 10x opportunity to go to market
The introduction of bitcoin cash ETFs has unlocked potential demand for btc, as Saylor points out. There's also the upcoming halving event in April, which will cut mining rewards in half.
This, coupled with the already favorable btc supply and demand situation, looks set to increase bitcoin prices and bitcoin derivatives projects exponentially. Such factors lead cryptanalyst Jacob Bury to say that BTCMTX has the potential to rise 10x in the weeks following its launch, while other experts say 100x is very possible.
BTCMTX can be purchased here.
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